Ethereum Stablecoin Supply Declines: USDT Down 2.69%, USDC Down 4.56% Over 30 Days

USDT supply on Ethereum declined 2.69% over 30 days to July 1, 2026, falling from $81.11B to $78.93B.

Ethereum Stablecoin Supply Contracts as USDT and USDC Both Retreat Over 30 Days

Two of Ethereum’s core liquidity gauges moved apart in June, and the split is the story. Stablecoin supply thinned and total value locked fell, yet DEX turnover climbed 54.56% over the trailing 30 days to July 1, 2026. Read together, the snapshot points to a shrinking capital base changing hands faster, not a market going quiet.

The combined circulating supply of USD-pegged stablecoins on Ethereum was $153.29B as of July 1, 2026. That headline holds up better than its parts: both dominant assets contracted underneath it, USDT down 2.69% and USDC down 4.56% over the trailing 30 days.

Stablecoin Supply Trends

USDT’s Ethereum supply slid from $81.11B on June 1, 2026 to $78.93B on July 1, a reduction of roughly $2.18B. The drawdown barely dents Ethereum’s standing, though. At $78.93B, the network still holds 42.75% of the $184.63B in USDT circulating across all chains.

USDC fell harder in percentage terms, from $49.26B to $47.02B, a drop of about $2.24B, or 4.56%. Here the stakes are higher: Ethereum hosts 64.00% of all USDC in circulation, its $47.02B set against a $73.46B global total. With that much of the supply parked on one chain, an Ethereum-specific move pulls USDC’s worldwide figure far more than the same move does for USDT.

TVL Decline Reinforces the Picture

The stablecoin pullback had company. DeFi TVL on Ethereum fell 12.28% over the same 30 days, from $41.86B to $36.72B by July 1, 2026. Supply and TVL contracting in step points one way: less capital sat deployed across Ethereum protocols through the month.

DEX Volume Tells a Different Story

Trading went the other direction. DEX volume on Ethereum rose 54.56% over the trailing 30 days to July 1, 2026, and on that day alone Ethereum DEXs cleared $925.77M. That figure was 11.87% of the $7.80B in on-chain DEX volume logged across all chains in the same 24-hour window.

Key Figures at a Glance

• Total stablecoin supply on Ethereum: $153.29B (as of 2026-07-01)
• USDT on Ethereum: $78.93B, down 2.69% from $81.11B over 30 days; 42.75% of global USDT supply
• USDC on Ethereum: $47.02B, down 4.56% from $49.26B over 30 days; 64.00% of global USDC supply
• Ethereum DeFi TVL: $36.72B, down 12.28% from $41.86B over 30 days
• Ethereum DEX volume (24h): $925.77M, +54.56% over 30 days; 11.87% share of all-chain DEX volume

Why It Matters

Stablecoin supply on a chain works as a proxy for the dollars available to fund lending, trading, and liquidity. Over $4B left USDT and USDC on Ethereum in a single month, against a $5.14B TVL decline in the same window. Less dollar liquidity was working on the network. But the 54.56% jump in DEX volume cuts against the idea that a shrinking capital base means a slowing one, and that gap between turnover and deposits is the number to watch into the next monthly snapshot.

Disclaimer: Market data is informational only and not investment advice. Figures are accurate as of the stated dates and change continuously.

Featured illustration is AI-generated.

Methodology: every figure above links to its live on-chain source (DeFiLlama, CoinGecko) and the date it was read; analysis by Blockchain Magazine. Informational only, not investment advice.